Technical analysis for FTSE 100 for 29th October 2024
Fantastic move yesterday with the drop off 8275 down to the 8208 long which is still running. For today I am looking for a rise towards the 8350 area, if the bulls can break 8320 to start with. I am mindful of a bear Tuesday playing out and we saw the ASX200 rise and dip today, albeit modestly.
The 2h chart is now more favourable for the bulls to start with, and shows decent support at the 8260 level with the bullish Hull MA here. The 30m chart is also positive to start with and has a cluster of supports at the 8270-8280 area, with the daily pivot, green coral and 200ema all around this zone.
As such, should we get a drop down to this area then a long here is worth a go. A break of the 8255 level and then yesterdays low is back on the cards, at 8208, with the daily support at 8193 below that.
Above t8320 to start with then 8350 as mentioned, though the bulls will be aiming to push on and test the 8400 zone. Can they do that before the budget tomorrow!? The market is certainly going to be watching that closely.... maybe it won't be as bad as feared as the media are certainly whipping up a pessimistic storm!
The S&P500 also looks positive to start the day, with the 5816 2h support area holding overnight. However, it's just sat on 5832 30m resistance from the daily pivot and red coral as I write this so we could see a small drop off from there to start with. Does also tie in with the FTSE100 sitting on the 8320 at the same time.
Earnings continue and then the budget tomorrow. At 1400 we also have some US news with JOLTS job openings and consumer confidence so expect a bit of chop then.
Good luck today.
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